1094/1095 PCORI Compliance: What You Need to Know
We often talk about compliance, but we want to get a little more specific about Applicable Large Employers (ALEs) and what they need to do to stay compliant.
What is an ALE?
It is an employer with 50 or more full-time equivalent employees (FTEs).
Every employer that is an ALE needs to understand that they are subject to IRS reporting and filing. Below is a breakdown of the filings required:
1094 filing that must be in by March 31
1095 filing that must be in by March 31
PCORI fees, that are due by July 31
What is PCORI and why are there fees required?
PCORI was created to improve the quality, quantity, timeliness, and trustworthiness of health information for patients.
According to the PCORI, its mission is to "help people make informed healthcare decisions, and improve healthcare delivery and outcomes, by producing and promoting high-integrity, evidence-based information that comes from research guided by patients, caregivers, and the broader healthcare community."
The federal government imposes these PCORI fees, and the IRS enforces them.
So what can Evolved Benefits do for you?
Our services include the electronic filing of the 1094 and 1095 forms annually. Through this process, we also help identify if employers are in or out of compliance. If you already have somebody filing for you, we can provide the soft copies of the 1094 and 1095 filings. And we make the PCORI filing very easy.
We take the opportunity to cast a net over all employees, get them on an ACA-compliant health plan, shield the employer from penalty A, severely mitigate penalty B, and offer the filing solutions above.
Please message me on LinkedIn, email me, or give me a call.
I look forward to talking to all of you very soon.